Standard & Poor’s: Bermuda’s outlook ‘stable’ – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Standard & Poor’s: Bermuda’s outlook ‘stable’

Standard & Poor's, the United States ratings agency, has updated its outlook on Bermuda from positive to “stable”, the Ministry of Finance announced last night.

The move represents a minor downgrade for the island, reflecting the impact of the Covid-19 pandemic.

Curtis Dickinson, the finance minister, said that S&P had revised Bermuda's A+ long-term sovereign credit and senior unsecured debt ratings, as well as its A-1 short-term rating and its AA+ transfer and convertibility assessment, from positive to stable.

The agency reviewed its outlook for ten jurisdictions in the Caribbean and North Atlantic that depended on tourism, since the industry had been hard hit by the outbreak.

Mr Dickinson said: “As a result, Bermuda was assessed as being stable, as there is an expectation of a moderate increase in debt and negative growth in tourism. However, S&P noted that international business will still contribute positively towards the economy.”

Mr Dickinson said the island's economy “will change” as a result of the crisis, which has prompted calls for unemployment benefits from more than 5,000 residents since restrictions were imposed.

The minister said: “The establishment of the Covid-19 Economic Advisory Committee will also be paramount to helping us to maintain a quality sovereign credit rating as the Government rises to the challenges brought on by the pandemic.”

Curtis Dickinson, the Minister of Finance (File photograph)

You must be Registered or to post comment or to vote.

Published April 17, 2020 at 9:00 am (Updated April 19, 2020 at 12:12 pm)

Standard & Poor’s: Bermuda’s outlook ‘stable’

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon